Philip Michael Connors, of Point Pleasant Beach, New Jersey, a stockbroker registered with Monmouth Capital Management LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he failed to comply with the regulator during an investigation into his trading in customer accounts while he was registered with Monmouth Capital Management LLC and Worden Capital Management LLC. Letter of Acceptance, Waiver, and Consent No. 2019060753506 (October 18, 2023).
On September 15, 2023, FINRA asked Connors to testify under FINRA Rule 8210. This request was part of FINRA’s investigation into Connors’s potential sales practice violations, including his role in the trading activities of customer accounts at Worden and Monmouth. Despite receiving this request, Connors, through his lawyer, informed FINRA on October 11, 2023, that he would not appear for testimony on the scheduled date, October 19, 2023, or at any other time. By refusing to testify, Connors violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Connors is identified in three customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On February 25, 2014, a customer initiated investment related complaint involving Connors’s conduct was settled to resolve allegations that Connors used margin without authorization during the time that Connors was associated with Meyers Associates L.P.
On November 9, 2017, a customer filed an investment related complaint involving Connors, in which the customer requested $11,024.24 in damages based on allegations that Connors engaged in the unauthorized use of margin. His activities occurred from October 23, 2017, through November 8, 2017, in connection with the sale of over-the-counter equities and stocks when Connors was associated with Worden Capital Management LLC. The complaint was later withdrawn on November 21, 2017.
Connors was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $14,999.00 in damages. The claim alleged excessive and unsuitable trading, fraud, misrepresentations of material fact, and breach of fiduciary duty in connection with the sale of stocks during the time that Connors was associated with Worden Capital Management LLC. FINRA Arbitration No. 19-00483 (June 1, 2020).
Connors was associated with Monmouth Capital Management LLC in Point Pleasant Beach, New Jersey, from July 21, 2021, to April 8, 2022. Before that, Connors was associated with Worden Capital Management LLC in New York, New York, from August 25, 2017, to August 3, 2021. Since 2011, he has been associated with three different securities broker dealers which are either now defunct or have been expelled by securities regulators for violation of federal securities laws or industry rules.
